£50m boost for housing association's 1000s of new homes

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A London housing association has secured £50 million from Lloyds Bank to help it deliver 3,500 new homes over the next five years.

Network Housing Group's latest cash boost compliments an existing £125m revolving credit facility agreed with the bank in 2008 - bringing the total borrowed to £175m over the past six years.

The 19,300-home provider began construction of more than 1,300 properties last year.

Barry Nethercott, NHG's interim group finance director, said: “Lloyds Bank has been an extremely supportive partner in the past five years as we have developed new homes and worked to improve existing properties for our tenants.

“This new agreement will help us to continue that work and support us in our target of developing 3,500 new homes over the next five years, particularly in areas across London and the South East in most need of affordable, high-quality housing.”

Richard Hughes, relationship director in Lloyds Bank Commercial Banking’s social housing team, added: “With plans to develop thousands of new homes in areas with some of the highest housing need in the UK, Network is a shining example of the crucial role that providers play.

“Our specialist team has supported the group for many years now and so we were happy to extend further funding which will improve housing provision across large parts of the capital and surrounding area.”